The letter of intent signed by the two companies should be concluded in early 2010.

In case the name Gerard Lopez sounds familiar but you can’t quite put your finger on it: the man is co-founder and managing partner of Mangrove Capital Partners, an early investor in Skype, Nimbuzz, Jamendo, Seatwave and others.

This is what we call ‘just in time’: the deal secures the team’s future as Renault was about to drop out of Formula 1 entirely after 35 years in the sport.

The French car company, which will retain a minority stake of 25%, will now keep running the racing team in partnership with Genii Capital. Renault will retain 100% control over its engine manufacturing base in Viry-Chatillon and keep supplying engines to Red Bull in 2010.